Rental property is hot right now

If you're looking for an apartment to rent in the Albany area, you may be out of luck. Most complexes have no vacancies, largely because many homeowners lost their houses to foreclosure. But that's not the only reason apartments are filling up.

At Marsh Landings they're building as many as 44 new units that will be a little more affordable than the current apartments, because that's what the market demands.

At Westwood Apartments on West Broad Avenue, those looking for an apartment are hard pressed to find one.

"If anybody stopped by, I wouldn't have anything to show right now," said Westwood Apartments Property Manager April Fabry.

The plaques on the wall for the 100 percent club say it all, there's already a hole for April's plaque. "I do have a waiting list, especially for our one bedrooms, but also I have for twos and threes," she said.

They're not alone. We called, Friar Tuck, Marsh Landings, Princeton Place, and Creekwood, and they were all full.

At Meadow Lark Commons, which just opened on Gillionville Road, they're going fast. "We have been here for just a little over a week, and we have pre-leases on at least 25% of our units," said Magnolia Properties Property Manager Gary Beard.

Why the demand? The economy. "I do believe because of foreclosures and things like that that are going on people are no longer able to afford their homes," said Fabry.

But good economic news is also having an effect as new jobs at places such as the Marine Base bring new people to town. "Medical professionals, the Marine Base, Procter & Gamble, a lot of the educational professionals," said Beard.

At Marsh Landing construction is already underway on 44 new units, because of the demand for rental properties. Owner Pace Burt says the apartments are smaller, just two bedrooms, one bath, to provide a more affordable places to live.

Those apartment complexes with vacancies say it was one or two apartments that were available. Many say occupancies have started picking up in the last six months.

In Albany, apartment prices have remained fairly steady with a slight increase in 2009. In 2000, Albany's Rental vacancy rate was 10%. There's no official number right now, but it's likely substantially lower.